Рђzerigazbank starts financing Gyandja Billur factory on EBRD funds
The joint-stock investment Azerigazbank plans to finance the Gyandja Billur factory on the account of the first tranche from the European Bank for Reconstruction and Development (EBRD) credit line. The first tranche in the amount of $300,000 will be received the next week, the Azerigazbank board chairman Azer Movsumov told Trend. These funds will be directed to supply of spare parts from Russia, China, Malaysia for assembling of electrical devices (cash register machines, TV sets, computers). Billur will receive the loan for the period of three years.
Azerigazbank is cooperating with this plant since 1997. Last year Billur was privatized and its reconstruction is currently underway.
The total amount of the EBRD credit line for Azerigazbank is 1,5 million, which the bank plans to realize fully till the end of February. Movsumov finds it possible, as there are projects for today to be considered for this and even larger amount. The credit line is opened in the framework of the program for the small and medium size entrepreneurship development and is designed for three years. The loan agreement between EBRD and Azerigazbank was signed in October 2005.